The RBI revealed the gold redemption value for investors in Sovereign Gold Bonds who wish to redeem government-issued bonds early.
On October 27, 2023, the Reserve Bank of India (RBI) announced a redemption price of ₹6,079 per unit for the early redemption of government-issued sovereign gold bonds (SGBs). This price is calculated by averaging the closing gold prices with 999 purity over the three preceding business days leading up to the redemption date. These prices are reported by the India Bullion and Jewellers Association Ltd (IBJA).
The RBI stated, “For the premature redemption scheduled for October 30, 2023, the redemption price per SGB unit will be ₹6,079, based on the average closing gold prices from October 25-27, 2023.”
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Under the SGB scheme, early redemption of gold bonds is allowed after the fifth year from the date of issuance, coinciding with the interest payment date. These particular bonds were originally issued on October 30, 2017.
In accordance with this, the RBI’s statement noted that the upcoming early redemption date for this specific tranche is October 30, 2023, giving investors the opportunity to make informed decisions.
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